Mohali, April 23 -- The Greater Mohali Area Development Authority (GMADA) managed to sell only two group housing sites (12.23 acre) out of the six (48.72 acre) on offer, raking in Rs.403.75 crore during an e-auction that ended on Tuesday.

GMADA had set Rs.1,214.52 crore as the reserve price for the six sites.

The e-auction had started on April 13 and continued till noon on Tuesday.

Vikas Parks Private Limited bought 8.71-acre group housing land in Wave Estate in Sector 99 for Rs.262.75 crore against the reserve price of Rs.217.15 crore. Singla Builders purchased 3.52 acre in Wave Estate in the same sector for Rs.141 crore against the reserve price of Rs.87.79 crore.

Under the auction, allotment will be made upon receiving 10% of the b...